Monero Whale Bets Big on Crypto's Largest Privacy Focused Asset
A crypto whale has taken a significant long position on Monero (XMR) through the Hyperliquid trading platform, betting that the privacy-focused cryptocurrency will climb to the $475-$516 range. The whale deposited 3.56 million USDC into Hyperliquid before opening a 4x long position on 36,000 XMR, worth approximately $14.33 million at the time of the transaction.
The large trader has already set take-profit orders at prices ranging from $475 to $516, indicating that it expects further upside in XMR.
This move comes as Monero has emerged as one of the strongest-performing privacy-focused cryptocurrencies in recent months. The cryptocurrency's growing demand for privacy assets and major technological developments have contributed to its success.